New Jersey posted top state foreclosure rates in 2017, according to a new report by ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database.
More than 1.6 percent of housing units in New Jersey had a foreclosure filing. Trailing close behind are Delaware (1.13 percent); Maryland (0.95 percent); Illinois (0.86 percent); and Connecticut (0.78 percent).
ATTOM Data Solutions released its Year-End 2017 U.S. Foreclosure Market Report on Jan. 18.
The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.
New Jersey bank lenders are at an 11-year high, the report says.
Lenders repossessed 291,579 properties through foreclosure (REO) in 2017, down 23 percent from 2016 and down 72 percent from a peak of 1,050,500 in 2010 to the lowest level since 2006 — an 11-year low.
Counter to the national trend, the District of Columbia and seven states posted a year-over-year increase in REOs in 217, led by New Jersey (19 percent increase to the highest level since 2006); Delaware (up 16 percent); Montana (up 12 percent); DC (up 10 percent); and Wyoming (up 10 percent).
States with the highest number of legacy foreclosures on loans originated between 2004 and 2008 were New York (25,886), New Jersey (20,172), Florida (19,494), California (9,847), and Illinois (8,732).
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